Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Posts Tagged ‘Toshiba

More articles on banking and accounting fiascos

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

Another bank, Credit Agricole, settles up for money laundering, with tab under a billion. Standard Chartered under a new investigation. Toshiba identifies 30 more senior staff who participated in the accounting schemes.

10/1 – Accounting Today – Toshiba Says 30 More Executives Names in Accounting Scandal – In addition to three former presidents resigning, an additional 30 executives have been identified in as players in the Toshiba book cooking scandal.  None of the 30 will be fired.

Current over statement of income is estimated at US$1.3B in the article with a US$6B loss in market value.

10/20 – Wall Street Journal – Credit Agricole to Pay $787 Million in U.S. Sanctions Case  and IRS – Credit Agricole Corporate and Investment Bank Admits to Sanction Violations, Agrees to Forfeit $312 Million.

Another bank had institutional policies to willfully circumvent US rules on money laundering for banks and individuals in sanctioned countries. NY DFS says total laundered amount was $32B. The bank admitted to one felony charge in a deferred prosecution agreement.

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Written by Jim Ulvog

November 5, 2015, 6:44 am at 6:44 am

Posted in Other stuff

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Current estimate of Toshiba book-cooking is at $1.9B, surpassing Olympus

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Cleaning up the numbers. Image courtesy of DollarPhotoClub.com

Cleaning up the numbers. Image courtesy of DollarPhotoClub.com

After delaying their earnings announcement a while, Toshiba announced a ¥224.8B pretax write-down for accounting irregularities which hits net income for ¥155.2B.

That would be US$1.87B pretax and US$1.29B after-tax. Even if those amounts don’t increase that means Toshiba has out Olympused Olympus at $1.7B.

The now-admitted fraud ran for seven years, not the six previously mentioned.

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Written by Jim Ulvog

September 10, 2015, 8:17 am at 8:17 am

Posted in Fraud

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Time to start paying attention to the Toshiba accounting scandal

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Picture courtesy of DollarPhotoClub.com

Picture courtesy of DollarPhotoClub.com

Yeah, yeah, I’m late to the party.  Since this has been in the news for a few months, I am a bit tardy talking about the issue. On the other hand, yet another round of billion-dollar book-cooking in Japan doesn’t have a lot of impact on accounting firms that only work in the US.

So what’s going on?

Apparently Toshiba has around a dozen different schemes to inflate profits. Make that two dozen. Make that two dozen and counting. Amounts involved are reported to be half a billion dollars, one billion, or three billion. Take your pick.

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Written by Jim Ulvog

August 3, 2015, 8:08 am at 8:08 am

Posted in Fraud

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